Senate Banking, Housing and Urban Affairs Committee
Standing committee
Active

United States Senate
118th Congress
History
Formed1913
Formerly known asCommittee on Banking and Currency
Leadership
ChairSherrod Brown (D)
Since February 3, 2021
Ranking memberTim Scott (R)
Since January 3, 2023
Structure
Seats23 members
Political partiesMajority (12)
  •   Democratic (11)
  •   Independent (1)
Minority (11)
Jurisdiction
Policy areasBanking, insurance price controls, deposit insurance, monetary policy, financial assistance, currency, coinage, housing, urban development, mass transit
Subcommittees
Meeting place
534 Dirksen Senate Office Building
Washington, D.C.
Website
www.banking.senate.gov

The United States Senate Committee on Banking, Housing, and Urban Affairs (formerly the Committee on Banking and Currency), also known as the Senate Banking Committee, has jurisdiction over matters related to banks and banking, price controls, deposit insurance, export promotion and controls, federal monetary policy, financial aid to commerce and industry, issuance of redemption of notes, currency and coinage, public and private housing, urban development, mass transit and government contracts.[1][2][3]

The current chair of the committee is Democrat Sherrod Brown of Ohio, and the Ranking Member is Republican Tim Scott of South Carolina.

History

The committee is one of twenty standing committees in the United States Senate. The committee was formally established as the "Committee on Banking and Currency" in 1913, when Senator Robert L. Owen of Oklahoma sponsored the Federal Reserve Act. Senator Owen served as the committee's inaugural chairman.

Jurisdiction

In accordance with Rule XXV of the United States Senate, all proposed legislation, messages, petitions, memorials, and other matters relating to the following subjects are referred to the Senate Banking Committee:

  1. Banks, banking, and financial institutions;
  2. Control of the prices of commodities, rents, and services;
  3. Deposit insurance;
  4. Economic stabilization and defense production;
  5. Export and foreign trade promotion;
  6. Export controls;
  7. Federal monetary policy, including the Federal Reserve System;
  8. Financial aid to commerce and industry;
  9. Issuance and redemption of notes;
  10. Money and credit, including currency and coinage;
  11. Nursing home construction;
  12. Public and private housing (including veterans' housing);
  13. Renegotiation of Government contracts; and,
  14. Urban development and urban mass transit.[4]

The Senate Banking Committee is also charged to "study and review, on a comprehensive basis, matters relating to international economic policy as it affects United States monetary affairs, credit, and financial institutions; economic growth, urban affairs, and credit, and report thereon from time to time."[4]

Members, 118th Congress

Main article: 118th United States Congress

Majority[5] Minority[6]

Subcommittees

Subcommittee Chair Ranking Member
Economic Policy Elizabeth Warren (D-MA) John Kennedy (R-LA)
Financial Institutions and Consumer Protection Raphael Warnock (D-GA) Thom Tillis (R-NC)
Housing, Transportation, and Community Development Tina Smith (D-MN) Cynthia Lummis (R-WY)
National Security and International Trade and Finance Mark Warner (D-VA) Bill Hagerty (R-TN)
Securities, Insurance, and Investment Bob Menendez (D-NJ) Mike Rounds (R-SD)

Chairs

Committee on Banking and Currency, 1913–1970

Chair Party State Years
Robert L. Owen Democratic Oklahoma 1913–1919
George P. McLean Republican Connecticut 1919–1927
Peter Norbeck Republican South Dakota 1927–1933
Duncan U. Fletcher Democratic Florida 1933–1936[9]
Robert F. Wagner Democratic New York 1937–1947
Charles W. Tobey Republican New Hampshire 1947–1949
Burnet R. Maybank Democratic South Carolina 1949–1953
Homer Capehart Republican Indiana 1953–1955
J. William Fulbright Democratic Arkansas 1955–1959
A. Willis Robertson Democratic Virginia 1959–1966
John J. Sparkman Democratic Alabama 1967–1970

Committee on Banking, Housing, and Urban Affairs, 1970–present

Chair Party State Years
John J. Sparkman Democratic Alabama 1970–1975
William Proxmire Democratic Wisconsin 1975–1981
Jake Garn Republican Utah 1981–1987
William Proxmire Democratic Wisconsin 1987–1989
Donald Riegle Democratic Michigan 1989–1995
Alfonse M. D'Amato Republican New York 1995–1999
Phil Gramm Republican Texas 1999–2001
Paul Sarbanes Democratic Maryland 2001[10]
Phil Gramm Republican Texas 2001
Paul Sarbanes Democratic Maryland 2001–2003[11]
Richard Shelby Republican Alabama 2003–2007
Chris Dodd Democratic Connecticut 2007–2011
Tim Johnson Democratic South Dakota 2011–2015
Richard Shelby Republican Alabama 2015–2017
Mike Crapo Republican Idaho 2017–2021
Sherrod Brown Democratic Ohio 2021–present

Historical membership rosters

117th Congress

Main article: 117th United States Congress

Majority Minority
Subcommittees
Subcommittee Chair Ranking Member
Economic Policy Elizabeth Warren (D-MA) John Kennedy (R-LA)
Financial Institutions and Consumer Protection Raphael Warnock (D-GA) Thom Tillis (R-NC)
Housing, Transportation, and Community Development Tina Smith (D-MN) Mike Rounds (R-SD)
National Security and International Trade and Finance Mark Warner (D-VA) Bill Hagerty (R-TN)
Securities, Insurance, and Investment Bob Menendez (D-NJ) Tim Scott (R-SC)

116th Congress

Main article: 116th United States Congress

Majority Minority
Subcommittees
Subcommittee Chair Ranking Member
Economic Policy Tom Cotton (R-AR) Catherine Cortez Masto (D-NV)
Financial Institutions and Consumer Protection Tim Scott (R-SC) Elizabeth Warren (D-MA)
Housing, Transportation, and Community Development David Perdue (R-GA) Bob Menendez (D-NJ)
National Security and International Trade and Finance Ben Sasse (R-NE) Mark Warner (D-VA)
Securities, Insurance, and Investment Pat Toomey (R-PA) Chris Van Hollen (D-MD)

115th Congress

Majority Minority

Subcommittees

Subcommittee Chair Ranking Member
Economic Policy Tom Cotton (R-AR) Heidi Heitkamp (D-ND)
Financial Institutions and Consumer Protection Pat Toomey (R-PA) Elizabeth Warren (D-MA)
Housing, Transportation, and Community Development Tim Scott (R-SC) Bob Menendez (D-NJ)
National Security and International Trade and Finance Ben Sasse (R-NE) Joe Donnelly (D-IN)
Securities, Insurance, and Investment Dean Heller (D-NV) Mark Warner (D-VA)

Source[12]

114th Congress

Majority Minority

Subcommittees

Subcommittee Chair Ranking Member
Economic Policy Dean Heller (R-NV) Elizabeth Warren (D-MA)
Financial Institutions and Consumer Protection Pat Toomey (R-PA) Jeff Merkley (D-OR)
Housing, Transportation, and Community Development Tim Scott (R-SC) Bob Menendez (D-NJ)
National Security and International Trade and Finance Mark Kirk (R-IL) Heidi Heitkamp (D-ND)
Securities, Insurance, and Investment Mike Crapo (R-ID) Mark Warner (D-VA)

113th Congress

Majority Minority
Subcommittee Chair Ranking Member
Economic Policy Jeff Merkley (D-OR) Dean Heller (R-NV)
Financial Institutions and Consumer Protection Sherrod Brown (D-OH) Pat Toomey (R-PA)
Housing, Transportation, and Community Development Bob Menendez (D-NJ) Jerry Moran (R-KS)
National Security and International Trade and Finance Mark Warner (D-VA) Mark Kirk (R-IL)
Securities, Insurance, and Investment Jon Tester (D-MT) Mike Johanns (R-NE)

See also

References

  1. ^ "User Clip: Senate Banking Hearing 2/26/19 | C-SPAN.org". www.c-span.org.
  2. ^ "User Clip: FED Powell - before Senate Banking... committee 2/26/2019 | C-SPAN.org". www.c-span.org.
  3. ^ "Rules Of The Senate | U.S. Senate Committee on Rules & Administration". www.rules.senate.gov.
  4. ^ a b "Jurisdiction". United States Committee on Banking, Housing, and Urban Affairs. Retrieved May 31, 2019. Public Domain This article incorporates text from this source, which is in the public domain.
  5. ^ S.Res. 30 (118th Congress)
  6. ^ S.Res. 31 (118th Congress)
  7. ^ Kyrsten Sinema is an independent but caucuses with the Democrats.
  8. ^ "Majority Leader Schumer Announces New Senate Democratic Committee Assignments". Senate Democrats. October 17, 2023. Retrieved October 18, 2023.
  9. ^ Died June 17, 1936
  10. ^ At the beginning of the 107th Congress in January 2001 the Senate was evenly divided. With a Democratic president and vice president still serving until January 20, the Democratic vice president was available to break a tie, and the Democrats thus controlled the Senate for 17 days, from January 3 to January 20. On January 3 the Senate adopted S. Res. 7 designating Democratic senators as committee chairmen to serve during this period and Republican chairmen to serve effective at noon on January 20, 2001.
  11. ^ 5 On June 6, 2001, the Democrats took control of the Senate after Senator James Jeffords (VT) changed from the Republican Party to Independent and announced that he would caucus with the Democrats
  12. ^ "U.S. Senate: Committee on Banking, Housing, and Urban Affairs". www.senate.gov. Retrieved January 7, 2017.